Tuesday, Sep 27, 2022
International Finance
Wealth Management

Deutsche Bank plans to expand US wealth management division

Deutsche Bank , US wealth management, Deutsche wealth management, New York, California, Miami, Christian Sewing
The expansion to speed up the wealth management arm in the US is in an effort to improve the bank's fortune

Deutsche Bank is planning to expand its team of relationship managers in the US by 25% this year. Patrick Campion, head of Americas wealth management, said: “We’re getting dollar investment going into the unit for headcount… there’s great access to the management board.”

“The growth characteristics for our market is strong and it makes sense to invest in the US.” He added that the company uses “a very mature business model for delivering firm-wide solutions to our clients.”

According to a report on Financial Times, Mr Campion, who is a former chief executive of HSBC’s US private bank said the new group chief executive Christian Sewing is very encouraging toward his division and comes with an outlook to ‘grow, grow, grow’.

He plans to recruit bankers “who have a heritage of building strong books” —from cities like New York, California and Miami. In his option, Deutsche used “a very mature business model for delivering firm-wide solutions to our clients” and his team had a “very good culture of collaboration” with respect to other divisions in the bank.

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